Researchers estimate that wind farms have the potential to produce up to 40 times the electricity the world consumes, but still they provide just 4% of the world’s electricity. However improved infrastructure and higher voltage cables have drastically reduced the price for wind power, and it is predicted that by 2040, a third of global power will come from wind and solar.

Floating offshore wind is no longer consigned to the laboratory: it’s a viable technology ready to be rolled out on an industrial scale, according to the latest report from WindEurope released at the Offshore Wind Energy 2017 event in London.

Offshore wind could potentially be fully integrated into the market on a competitive basis in some European countries within the next decade, according to a new report published by the International Energy Agency’s Renewable Energy Technology Deployment programme (IEA-RETD).

Innovation improvements surrounding the design, maintenance, construction and operations of European offshore windfarms could cut associated energy costs by a third in the next 15 years, a new report from sustainable innovation engine KIC InnoEnergy has found.

Incidents relating to the installation and operation of high voltage subsea cables are the most costly cause of financial losses in the global offshore wind industry and led to insurance claims totalling more than €60 million in 2015.

Siem Offshore Contractors has begun cable installation work on the Nordsee One offshore windfarm in the German sector of the North Sea. The company is using two of its vessels, the cable lay vessel (CLV) Siem Aimery and the installation support vessel (ISV) Siem Moxie.

Eleven major energy companies have signed a declaration stating that offshore wind can be fully competitive with coal and gas by 2025, achieving a cost of EUR 80/MWh and below, but only if the industry achieves long-term stability through right policies and closer international cooperation.

Offshore wind industry needs to be refreshed with new business models, innovative technologies, as well as new alliances throughout the supply chain in order to drive down costs and have a secure and sustainable future